Bitcoin or gold? Top Fidelity expert puts an end to speculation

Bitcoin or gold?  Top Fidelity expert puts an end to speculation

In the ongoing debate over Bitcoin versus gold as a superior store of value, Jurrien TimmerDirector of Global Macro at Fidelity, has provided an analysis that sheds new light on this hot topic.

In the ongoing debate over Bitcoin versus gold as a superior store of value, Jurrien TimmerDirector of Global Macro at Fidelity, has provided an analysis that sheds new light on this hot topic.

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According to Timmer, both assets are often considered hedges against fiscal dominance, where the government dilutes the value of money by increasing the money supply. He argues that this thesis is fundamentally sound, since sustained increases in the money supply typically lead to inflation. This correlation is evident when comparing the 10-year growth rate of the M2 money supply and the consumer price index.

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Fountain: Jurrien Timmer

Timmer suggests that for Bitcoin and gold to truly solidify their role as stores of value, there needs to be consistent above-trend growth in monetary aggregates. However, he points out that this has not happened yet. The dramatic increase in the stock of real money during the pandemic was quickly reversed by the Federal Reserve’s restrictive policies, suggesting that the expected conditions for BTC to thrive as a competitive analogue of gold have not yet been met.

He also addresses the notion of cryptocurrency as “gold 2.0”, referring to it as “exponential gold” due to its combination of monetary properties and advanced network technology.

Bitcoin against gold

The discussion that Bitcoin could surpass gold in market capitalization is not new and has been going on in the community since the cryptocurrency first went public.

Not surprisingly, the first encrypted transaction was a Times headline about the global financial crisis. With the introduction of Bitcoin spot ETFs, this debate has only intensified as hundreds of millions of people can now purchase the cryptocurrency the traditional way.

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Currently, the market capitalization of gold amounts to more than 15.6 trillion dollars, while that of Bitcoin is approximately 1.33 trillion dollars. For the latter to equal the market capitalization of gold, it would need to grow 11.72 times, reaching an estimated price of almost $790,000 per BTC.

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